Different Types of Health Insurance Plans

Health insurance refers to a policy between an insurance company and an individual that provides financial aid to the latter in the event of a health emergency.

In the present age, where prices of almost everything are on the rise, affording premium healthcare becomes a challenge. This is when having Health Insurance helps. In this article, we will discuss what is Health Insurance and more. Read on to know more.

What is Health Insurance?

Health insurance refers to a policy between an insurance company and an individual that provides financial aid to the latter in the event of a health emergency. It helps cover medical costs, hospitalisation charges, surgery, treatments and more.

Types of Health Insurance

Now that we have covered “what is Health Insurance”, let us move on! There are a lot of different types of health insurance policies that people can opt for. Each of them provides benefits unique to them.

Here is a list of some of the more common types of health insurance policies that are available out there:

• Individual Health Insurance

As the name suggests, this type of health insurance can be taken for one person. It could be for yourself, your spouse, children, or your parents. These kinds of policies generally cover all kinds of basic medical expenses like daycare procedures, hospitalisation costs, surgical expenses, ambulance charges, etc.

• Family Health Insurance

Getting a Family Health Insurance means that the sum insured is divided amongst all the family members who are covered under the policy. These plans are more affordable than Individual Health insurance as the distribution of sum is done amongst all the people covered under the policy.

• Senior Citizens Health Insurance

The Senior Citizens Health Insurance policy is meant for senior citizens. As a person becomes old, they become more susceptible to getting illnesses and hence require more premium health coverage. Hence, this type of health insurance is perfect for them.

• Group Health Insurance

This is one of those health insurance policy which is majorly beneficial for a larger group of individuals. For instance, this type of policy is often offered by employers and covers all of their employees. The policy provides basic health coverage and is fairly affordable in nature.

• Critical Illness Health Insurance

Health issues like getting diagnosed with life-threatening conditions like heart attack, paralysis, and stroke incur more expensive costs and are becoming harder to afford day by day. This is where critical illness coverage helps, as it provides coverage for all such illnesses.

Benefits of Getting a Health Insurance

Here is a list of benefits which you can avail upon getting a Health Insurance:

• Cashless Hospitalisation Facilities

Any insurer that you opt for is going to have tie-ups with hospital networks at whom you can avail yourself of cashless hospitalisation facilities when you are in need. This makes the whole process of receiving emergency care much easier.

• Tax Benefits

Availing health insurance also grants you a lot of tax savings if you plan properly. Section 80D of the Income Tax Act states that the premiums that are paid towards health insurance policies are eligible for tax deductions.

• Critical Illness Coverage

There are a lot of health insurance policies out there which provide Critical Illness coverage at an additional cost. Such coverage provides financial benefit for life-threatening illnesses and conditions.

• Premium Healthcare

By getting Health Insurance you can get access to premium healthcare services. The financial benefit that you get allows you to choose premium healthcare facilities and professionals for your treatment.

Things to Consider Before Getting a Health Insurance Policy

Here are a few things which you need to consider prior to getting a Health Insurance policy:

• Waiting Period

When purchasing a health insurance plan, make sure to check the waiting period. This is the duration when you will not be able to avail yourself of any benefits of the policy. The waiting period differs based on the insurer you choose.

• Exclusions

The exclusions are medical expenses that are not covered by the insurance policy. Hence, it would do you good to get an idea about them beforehand so as to avoid any surprises while claiming them.

• Sum Insured

Make sure to also check the total insured sum covered by your policy. Choose a coverage that best suits your needs.

Conclusion

Health insurance is a vital investment that offers financial security and access to quality healthcare. Understanding the different plans, their benefits, and essential factors like exclusions and coverage ensures you choose a policy tailored to your needs.

Whether it is protecting your family, addressing critical illnesses, or accessing premium care, the right health insurance plan safeguards your well-being and peace of mind. Hopefully, now you are clear on what is Health Insurance and the different types there to avail.

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